The Central Bank has issued its Annual Report for 2018.
In 2018 “the Central Bank achieved a number of notable enforcement outcomes”, having completed ten enforcement actions under the Administrative Sanctions Procedure and imposing fines totalling €7.441 million. This is reflective of the higher level of fines we are seeing levied against firms, as regime changes, implemented in 2013, come into play in investigations into conduct after that date. The report notes that under the Fitness and Probity regime, two individuals were prohibited from holding any role in the financial services sector indefinitely, bringing the Central Bank’s strategic priority of individual accountability into sharp focus as its proposals for a Senior Executive Accountability Regime continue to gain pace. The report notes the Central Bank’s commitment to rigorous procedures through its use of intrusive investigations, numerous interviews and complex data analysis in bringing these enforcement actions – a trend we have seen in recent years as the Central Bank exits the post- crisis phase, and a reminder that the Central Bank’s approach to investigations continuous to evolve at pace with regulation and innovation in financial services.
The Annual Report is available here.
To speak with one of our specialists regarding enforcement, or any other regulatory matter, contact Karen Reynolds, or your usual Matheson contact.
Co-authored by Commercial Litigation Associate Kevin O'Higgins.